Dr. Niranjan Hiranandani, Chairman of the Hiranandani Group and NAREDCO, applauded the Finance Minister for the amendments proposed in the finance bill, providing substantial tax relief for the real estate sector.
"The government’s initiative to allow taxpayers the option to compute taxes either at 12.5% without indexation or at 20% with indexation on real estate transactions is a significant step forward. This relief applies to the transfer of long-term capital assets, such as land or buildings, acquired before July 23, 2024. By enabling taxpayers to choose the lower tax burden between the new and old schemes, the amendment is poised to drive investment and enhance sales across housing segments. We are grateful for the Finance Minister's forward-thinking approach in implementing these beneficial measures," stated Dr. Hiranandani.
